European stock indices rose by more than 1% at the end of the trading session on Wednesday, March 29, as investor skepticism about the banking sector continued to recede.
At the end of the session, the STOXX600 index rose by 1.3% to 450 points, as the banking sector rose by 1.9%, and technology by 2.7%. The German DAX rose by 1.23%, recording 15328 points, while the British FTSE increased by 1.07% at 7564 points. As for the French CAC, it closed at an increase of 0.139%, recording 7186 points.
Billionaire Elon Musk, along with 1,125 other people, including experts in artificial intelligence, signed an open letter calling for a halt to the development of more advanced artificial intelligence systems for 6 months.
The letter, issued by the non-profit Future of Life Foundation, calls for AI Labs to stop training any technology more powerful than GPT-4, released by OpenAI earlier this month.
The dollar rose slightly against most of the major currencies on Wednesday to stabilize after falling over the past few sessions and rose sharply against the yen, which has been volatile as the Japanese fiscal year draws to a close.
The dollar index, which measures the performance of the greenback against six major currencies, rose 0.15% to 102.64.
It had fallen in the past two sessions and is expected to record a monthly loss of 2.1%, falling victim to market turmoil caused by problems in the banking sector.
Resistance level | Support level |
102.45 | 102.00 |
102.65 | 101.85 |
103.05 | 101.40 |
Gold prices recorded losses in 4 sessions when settling the trading session of Wednesday, March 29, amid the dollar’s gains and the fading of investors’ appetite for safe havens.
Upon settlement, gold futures fell by 0.3%, or $5.9, to $1,984.5 an ounce.
Gold declined as the dollar rose, and concerns about the banking sector continued to recede.
Resistance level | Support level |
1,972 | 1,957 |
1980 | 1,950 |
1992 | 1,935 |
US indices closed with strong collective gains in yesterday’s session, Wednesday, supported by the optimistic expectations of Micron Technology Company, which dispelled some economic concerns on Wall Street, and some analysts consider that Micron Corporation is a microcosm of the global economy because its chips are involved in many different industries and sectors.
The Dow Jones index rose by 1%, or the equivalent of 323 points, surpassing 32,700 points, achieving its highest closing in 3 weeks.
The technology index rose by about 2%, topping the list of the sectors that gained the most.
Resistance level | Support level |
33000 | 32698 |
33115 | 32500 |
33425 | 32330 |
Oil prices fell at the settlement of yesterday’s trading session, Wednesday, March 29, despite the sharp drop in US inventories and amid investors’ aspiration to take profits by taking advantage of the price hike over two consecutive days.
Upon settlement, Brent crude futures fell by 0.5% to $78.28 a barrel, and US oil futures fell by 0.3%, recording $72.97 a barrel.
Resistance level | Support level |
73.85 | 72.25 |
74.80 | 71.70 |
76.45 | 70.15 |
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